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GAD role to be probed in wake of Penrose report

The role of the Government Actuary&#39s Department will be examined in the review of the actuarial profession commissioned in the wake of the Penrose report into the collapse of Equitable Life.

The review, headed by Sir Derek Morris, has been asked to consider what professional and/or regulatory framework would best promote high standards and openness in the actuarial profession.

The review was commissioned by the Treasury in March in response to Lord Penrose&#39s criticism of the profession as having a lack of generally agreed professional standards, an over-reliance on the role of the appointed actuary and a lack of scrutiny of actuarial calculations. Penrose also identified a reluctance to challenge fellow actuarial professionals and reactive disciplinary procedures.

Morris has issued a document setting out the terms of reference of the consultation and calls for submissions by September 10.

He will publish an int-erim assessment in the aut-umn and submit a final rep-ort with recommendations for change to the Government in spring 2005, inclu-ding specifications on the role of Government actuaries.

Morris is provost of Oriel College, Oxford and from 1998 to April 2004 was chairman of the Competition Commission. He was economic director of the National Economic Development Office and from 1984 to 1998, chairman of Oxford Economic Forecasting.

He says: “I hope that all interested parties will feed in their views and I look forward to discussing the issues with the actuarial profession, their customers and other interested parties.”


Coventry Building Society- Buy-to-Let Fixed Rate

Type: Fixed-rate buy-to-let mortgageFixed term: Until December 31, 2009Fixed rate: 6.25%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £300,000Income multiples: Rental income must be at least 130% of mortgage repaymentsConditions: Capital repayments of up to 5% a year allowed without penalty, free valuation, discounted legal fees for remortgagesArrangement fee: […]

Scottish Equitable International guides investors through retirement jungle

Scottish Equitable International has established the flexible investment plan, a unit-linked offshore investment plan that provides access to 44 funds. Unlike the majority of unit-linked products that are structured as single-premium bonds, this product accepts regular contributions of at least £500 a month as well as single premiums of at least £5,000. Investors can start […]

Charcol offers two-year tracker

Charcol is offering a two-year base rate tracker at 0.51 per cent below the Bank of England base rate. With a current pay rate of 3.99 per cent, the product is available up to 90 per cent loan to value and reverts to the base rate plus 1.25 per cent for the remaining term, with […]

Standard backing up PMI with online health service

Standard Life Healthcare is setting up an online health and well-being service as part of its PMI plans. The move is in response to a survey of the company&#39s customers which revealed a demand for access to information on healthcare options. The service, which was initially tested with Standard Life staff, is accessed via the […]

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]


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